The Pittsburgh Foundation

Investment Committee

The Pittsburgh Foundation is committed to prudent investment-management strategies and fiscal policies that lead to the long-term growth of an endowment fund’s principal and a consistent level of funding for charity. Appointed by the Foundation’s board of directors, our Investment Committee is charged with designing, administering and monitoring the results of these investment strategies and policies.

At regular intervals, the Investment Committee evaluates the performance of the portfolio and the component investment managers relative to stipulated benchmarks and against national peer institutions. Our goal is to maximize total return by focusing on both income and capital appreciation potential.

We believe this approach provides the fewest constraints on our investment managers and therefore puts us in a better position to demand superior investment performance.


The Investment Committee provides the strategic direction and oversight the Foundation's Legacy Fund. The committee is composed of some of the region’s best endowment managers and investment professionals. 

Lee B. Foster, II, serves on The Pittsburgh Foundation’s board of directors and is the Investment Committee Chair. Foster is chairman of L.B. Foster Company, a Pittsburgh-based manufacturer and distributor of rail and construction products founded by his grandfather more than a century ago. He is past board chair of the Carnegie Museums of Pittsburgh where he serves as a Life Trustee. He is also the current board chair of the Museum of Natural History. Previous positions include: University of Pittsburgh trustee; chairman of the board of trustees of the YMCA of Greater Pittsburgh; past chair and current member of the board of visitors of the University of Pittsburgh Graduate School of Public Health; and past board member of the University of Pittsburgh Center for Latin American Studies. His corporate board associations include the Wabtec Corporation, Foster Holdings, Inc. and Capital Guidance S.A.

David McL. Hillman, is the former president and partner of PNC Equity Partners, a private equity fund. Mr. Hillman joined the management training program of PNC’s affiliate, PNC Bank, in 1976. He held several positions in the Corporate Banking Division and in 1982 joined PNC’s newly-formed Equity Management Corp (the predecessor to PNC Equity Partners) as its co-founder.  He is also a board member of The Pittsburgh Parks Conservancy, the Carnegie Hero Fund Commission, and Board Chair of Steel City Squash. Hillman is an emeritus board member and former Investment Committee chair of The Pittsburgh Foundation.

Dwight Keating formerly served as vice president and chief investment officer of the Claude Worthington Benedum Foundation. Previously, he was a vice president and director of Five-J Energy. Keating served as chairman of the Mining and Reclamation Association of America, and served on the executive committee of the National Coal Association. He served as a member of the West Virginia State Board of Investments, and previously served on the Investment Committee of Carnegie Mellon University. He presently serves on the Investment Committees of the Pittsburgh Cultural Trust, University of Pittsburgh, The Jewish Healthcare Foundation and the Strategic Investment Fund, Inc., a private real estate fund.  He also serves on the Finance Committee of the Diocese of Wheeling-Charleston. Keating received his undergraduate degree from Georgetown University and his MBA from Columbia University.

Amy Krueger Marsh retired in March 2018 from her position of treasurer and chief investment officer at the University of Pittsburgh.  Marsh joined the University of Pittsburgh as treasurer in 1999 and earned the added distinction of chief investment officer in 2006.  She is responsible for management and oversight of the University's financial assets and liabilities, including the University's endowment and operating funds, its bond and note issuances, and its daily cash management.  From 1983 to 1999, Marsh was a commercial banker with Mellon Financial Corporation, where she held various management, marketing and lending positions in corporate banking, structured finance and capital markets. Prior to joining Mellon, Marsh was a manager with AT&T Long Lines in Chicago.  She received her M.M. from the Kellogg Graduate School of Management, Northwestern University in 1981 and her A.B. from Wittenberg University in 1978. 

Edith L. Shapira, M.D., chair of The Pittsburgh Foundation's board of directors, is a psychiatrist in private practice since 1991. In addition, she has an active life in the community, where she serves on the boards of directors of a wide variety of nonprofit and government organizations. These currently include: Pittsburgh Promise; Riverlife; the Allegheny County Board of Health; the Program and Policy Committee of the Pittsburgh Foundation; and the Board of Fellows of the Institute of Politics. She is the co-chair of the Elsie Hillman Civic Forum National Advisory Council. Past Boards served include: The Allegheny County Sports and Exhibition Authority; the Shale Gas Roundtable of the Institute of Politics; the Urban League; Western PA Conservancy; UPMC Presbyterian-Shadyside Hospitals; Magee Hospital; the Institute of Politics Water Management Task Force; the Institute for Transfusion Medicine; A+ Schools; the board of visitors of the University of Pittsburgh School of Social Work; and Winchester Thurston School. She is a clinical assistant professor of psychiatry at the University of Pittsburgh School of Medicine and she supervises Western Psychiatric Institute and Clinic residents in Psychiatry.

For each of the past 10 years, Shapira has been elected by her peers as one of the Best Doctors in America. In 2006, she was named a Distinguished Daughter of Pennsylvania by Gov. Ed Rendell (D-Pa.) for her local work to help those who were displaced by Hurricane Katrina. In 2014, she received the Coleman Award for Excellence in Community Service from the Institute of Politics.

Jeff Moyer, is a director at Greycourt, an independent investment advisor. Moyer also serves as a member of the advisory team at Greycourt, and he is the portfolio manager of the Greycourt Partners Fund which incorporates Greycourt’s ideas on portfolio construction, manager selection and tactical weightings, and includes a diversified combination of liquid and semi-liquid asset classes. He is also a member of Greycourt’s tactical asset allocation committee which is responsible for assessing absolute and relative valuations of asset classes on a quarterly basis and forecasting returns for those asset classes over the next three years. He joined Greycourt in 2008, while finishing his MBA. Previously, he was employed as an account manager in the automotive industry, supplying a number of major automotive manufacturers.  He holds an MBA with concentrations in finance and investment strategy from Carnegie Mellon’s Tepper School of Business as well as a BS in chemical engineering from The Pennsylvania State University. Moyer is a Chartered Financial Analyst (CFA) charter holder and member of the CFA Society of Pittsburgh. He is also a Certified Private Wealth AdvisorSM (CPWA®) designee. 

Peter F. Mathieson, is a partner with Fairview Capital Investment Management, which manages over $1.8 billion in assets for high net worth individuals, families, corporations, retirement plans, foundations and endowments. Previously, he was the president and a principal shareholder of Guyasuta Investment Advisors, an asset management firm in Pittsburgh that he co-founded in 1994. He earned a BA in Economics from Bucknell University in 1983.  He currently serves as chairman of the Buhl Foundation and serves on the board and chairs the investment committee of the Pittsburgh Cultural Trust. Mathieson also serves on the investment committee of the Carnegie Museums of Pittsburgh, the Western Pennsylvania Conservancy and is an emeritus board member of The Pittsburgh Foundation.

David J. Malone is president and CEO of Gateway Financial, which he helped found in 1982.  The company specializes in sophisticated uses of life insurance for complex needs, including generational wealth planning for high net-worth individuals and executive benefits for public and private companies. Malone earned his BS in Economics from Allegheny College and later earned the Chartered Life Underwriter (CLU) and Chartered Financial Consultant (ChFC) designations from the American College. He is a member of various professional organizations associated with the insurance industry and is heavily involved in the community on local, regional, and state levels. Malone served as chairman of the Pennsylvania Workforce Investment Board under two governors from 2004 – 2014. He is a member of the Highmark Health, Highmark, Inc. and Allegheny Health Network Boards of Directors, Chairman of the Allegheny Conference Political Action Committee and serves as director of FNB Corporation and the Western PA Surgery Center.  Mr. Malone is also a Trustee of Robert Morris University and a board member of United Way of Allegheny County, the Strategic Investment Fund and the Snee-Reinhardt Charitable Foundation among many others.